He Inter-American Development Bank (IDB) projects an economic milestone for Latin America and the Caribbean in 2023: un expected record of remittances reaching US$155 billionas reported by the IDB office in Port of Spain, Trinidad and Tobago.
This increase would mark a 9.5% increase compared to the US$142 billion received the previous year, thus consolidating 15 consecutive years of constant growth, according to the published report.
The IDB highlighted that this sustained advance of theRemittances reflect the fundamental contribution that migrants make to their nations of origin, despite a notable decline during peak times of the COVID-19 pandemic. These funds have maintained an upward trend of around 10% annually over the past decade.
The most pronounced increase is observed in remittances destined for Central American countries, registering an increase of 13.2%. Mexico follows this trend with an increase of 9.8%, while in South America an increase of 7.9% is reported.
In contrast, the Caribbean shows more moderate growth for next year, estimated at 2.6%.
This economic phenomenon demonstrates the vital role of remittances in the sustenance and development of regional economies, highlighting the significant contribution of migrant workers to their places of origin.
Source: Larepublica
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